Canadian fund manager Caisse de dépôt et placement du Québec has acquired a 17.3% stake in renewables group Boralex for C$287.5m ($230m), as Canada’s institutional investors continue their aggressive expansion within the global renewables market.
La Caisse has bought the Class A shares from Canadian packaging company Cascades, which became Boralex’s largest shareholder in the mid-1990s, but has seen its stake decrease steadily over the years as Toronto-listed Boralex raised equity on the public markets to fund its growth.
